Handling Spending After Paying Off a Loan
Congratulations! You paid off your car, your house, your HELOC… Whatever financial goal you completed and paid off, you now have a lot of money freed up in your spending plan. Before you decide to start spending that money on food delivery, coffee runs, or rubber ducks for your Jeep, consider how to handle spending after paying off your loan.
- Build an emergency fund?
- Buy a new car?
- Pay off your student loans?
- Save up for a house?
- Update your landscaping?
If you were paying $600 per month on an auto loan that is now paid off, try setting aside $100 per month for fun or delicious things and setting up an automatic transaction of $500 per month into a Money Market savings account. It’s tempting to see all that extra money and spend it, but by automating the transfer you won’t ever have to even think about it! Your future self will thank you for spending responsibly.
Ready to open a new savings account? Use Online and Mobile Banking, call us on Educators Connect Cam™, or visit a branch to get started!